Petrosearch Energy Announces Third Quarter Results and Operations Update

HOUSTON, TX – November 15, 2006 - Petrosearch Energy Corporation (OTCBB:PTSG) announced today the results of operations for its third quarter ended September 30, 2006 and provided an update on current operations and plans for the balance of this year and 2007.

For the period ended September 30, 2006, Petrosearch reported revenues for the third quarter increased 39% to $335,711 versus $240,005 in the comparable period a year ago. Net loss for the period decreased by 14% to $653,214 ($0.02 per share) versus $762,106 ($0.03 per share) in the same period last year. General and Administrative expenses were reduced 29% to $550,075 from $784,005 a year earlier.

Petrosearch also provided an update on operations and financing activities subsequent to the end of the third quarter.

In its operations, Petrosearch’s production of oil and gas has begun to increase and production gains are forecasted to continue throughout 2007.

• In the Barnett Shale project, finalization of the joint venture agreement among the working interest parties is in active negotiations.
• At its Garwood property, Petrosearch previously announced its acquisition of a 100% working interest before payout (68.0 % after payout) in the Kallina 46 #1 well and the associated 438 acres of leases. Completion operations have commenced on the well.
• At its Gruman property, in October 2006, we undertook certain remedial work on the Gruman 18-1 which has improved production on the well. We are currently assessing the positive impact on long term production. This gain was achieved by a pump change on the well. Further gains are possible when pressure maintenance is instituted. Permits for water injection are expected prior to year end. Production response to pressure maintenance is expected to be within 60 to 90 days.

With regards to financing activities, Petrosearch provided the following update:

• On November 2, 2006, Petrosearch announced it had closed an $8.3 million non-recourse financing for the Kallina 46 #1 well in the Garwood field located in the Wilcox trend of South Texas. This financing retired all trade vendor payables associated with the Kallina 46 #1 well, provided capital for completion and stimulation services for the well and allowed Petrosearch to recover certain other costs associated with the Kallina leases.
• Financing for the Company’s Barnett Shale activities is in ongoing negotiation with institutional financing sources.
• The Company is in active negotiations for financing the development of the Quinduno water flood project. It is anticipated that the financing will be in the form of a joint venture with an industry partner.
• Discussions regarding the previously announced $5 million interim financing commitment, which expired on 10/15/06, are continuing with the objective of arranging a financing that best suits the needs of the Company.

Commenting on its operations and financing activities, Richard Dole, Petrosearch’s CEO stated, “Over the last 12 months we have repositioned the strategy of the Company from pure exploration to a focus on significant resource projects with highly respected industry and financial partners. We believe this quarter is a transition point and we expect ongoing increases in production in the quarters to come. We are executing on our financing strategy of tailoring our financings to the risk/return profiles of our three key resource projects, as reflected by the completion of the financing of the Kallina 46 #1.”

Summary Financial Results:

* Includes revenue from the Blue Ridge Field property that the company sold in July, 2005.